The present invention relates to the new and distinct cultivar of Bee balm, botanically known as Monarda ‘Leading Lady Plum’, and hereinafter also referred to solely as the cultivar ‘Leading Lady Plum’ or the “new plant.” Monarda ‘Leading Lady Plum’ was hybridized in the summer of 2009 at a wholesale perennial nursery in Zeeland, Mich., USA by the inventor and given the original breeder code of H9-38-02. The new plant was separated out for further evaluation in the summer of 2010 in the full sun trial gardens of the same nursery in Zeeland, Mich., as a planned breeding program to produce new colored Bee balm flowers with superior mildew resistance, new and improved flowers and compact habit. The new plant has been asexually propagated since 2011 by stem cuttings at the same nursery in the greenhouses in Zeeland, Mich., and the subsequent generations of asexually propagated plants found to be stable and identical to the original selection.